Hartford Financial Services Group Inc said that it expects to be charged with higher tax rates for the first quarter of this year. The insurance company said that it is going to face higher charges because of the changes in the new federal healthcare act.

It is expected to come out with its first quarter results on April 29.

The company, in its filing with the Securities and Exchange Commission (SEC), said that the new charges will cost it around $20 million.

This declaration comes just after Hartford repaid the amount that it had received as the bailout package. It returned $3.4 billion.

The Federal government has brought out a legislation due to which there will be reduction in the health costs of the retiree. This would start from 2013.

This means that the insurance companies have to bear higher costs. And that is the reason why many of them have warned the users of one-time payment.

This could go up to $150 million. AT&T Inc. alone reported a charge of $1 billion.

In the end even with the new healthcare bill in place, Americans are going to be the sufferers.